67% of APAC insurers plan external management shift as private markets surge

Written by Adam Cadle

03/12/2025

Sixty-seven per cent of executives working for the asset management arms of life, health, and general insurers based in APAC are forecasting an external management shift as private markets surge, new research from Clearwater Analytics has revealed.

The shift is being driven by strategic factors, with the top reason being the reputation of external managers and acceptance of using them improving.

Greater transparency and reporting from external managers were cited as the second most important reason. Furthermore, greater control over investment portfolios, model changes, analytics, and risk factors were cited as the third most important reason for the change, with greater visibility about investment portfolios also helping.

A lack of in-house expertise and a drive to cut costs were ranked as the two least important factors driving the changes, challenging traditional assumptions about outsourcing motivations.

“The use of third-party asset managers across APAC is set to accelerate as insurers become increasingly comfortable with the practice and seek specialised expertise for complex private market investments,” Shane Akeroyd, chief strategy officer and President of Asia Pacific at CWAN said.

“It is striking that the trend is not mainly being driven by a desire to cut costs or because firms lack in-house expertise,” added Akeroyd. “Generally, the shift is being driven by technology and the growing use of platforms which enable insurers to have the control and transparency they need. With 96% expecting increased M&A activity and private markets set to represent a third of allocations, external expertise becomes a competitive advantage.”

Clearwater Analytics commissioned independent research agency PureProfile to interview 150 senior executives working for the asset management arms of life/health insurers and general insurers based in APAC. The research was conducted in October 2025 in Australia, Hong Kong, and Singapore.

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